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Tuesday, August 14, 2012
Eastfield Resources Acquires Two New Copper-Gold Projects
Vancouver, BC, Aug 14, 2012, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) reports the acquisition of two new copper-gold projects in south-central British Columbia and the initiation of exploration on both:
The first project, Naggie (2,223 hectares), is located south of the Chilcotin River near to its confluence with the Fraser River approximately 50 km southwest of the City of Williams Lake. Attention to the prospect was drawn from a prominent orange to yellow gossan that is exposed in a road cut. The gossan is associated with intensely pyritized rocks with significant alteration-derived gypsum. The age of the rocks is enigmatic with published maps including Triassic diorite intruding possible Cache Creek lithologies although younger rock is plausible (Cretaceous or Eocene). The gossan is deemed to bear a resemblance to the Maggie porphyry gossan located north of the community of Cache Creek. Thin-section analysis of the gossan (which has a long dimension of approximately 800 metres) suggests that it is an intensely sericite and quartz altered granodiorite. An anomalous soil copper anomaly (roughly circular and 250 metres in diameter) occurs down slope of the gossan. Soil copper values reach 325 ppm, zinc values 1,866 ppm and silver values 3.7 ppm. Very little work has been undertaken on this prospect. An early exploration report indicates that a small electromagnetic survey was completed over the surface gossan by Imperial Metals Corp. in 1984. No induced polarization surveying and no drilling has yet been undertaken.
Significance in the claims is two-fold:
1.) It appears to be a significant alteration zone which is probably intrusion-related and completely untested.
2.) The claims are bounded by the Fraser River Fault system and within the Cretaceous/Eocene Age Nechako Basin which has recently become a significant gold environment with targets including the Newton Hill occurrence located 75 kilometres to the west, the Blackwater Davidson occurrence located 200 kilometres to the northwest and the Blackdome mine located 35 kilometres to the south.
A program of rock sampling and induced polarization surveying is currently in progress.
The second project, Hidden One (8,079 hectares), is located 40 kilometres north-east of the city of 100 Mile House, BC. This project, contiguous with and immediately north of Eastfield's Iron Lake property, is underlain by Upper Triassic-Lower Jurassic Takomkame batholithic intrusive rocks (granodiorite to quartz monzonite). The claims occupy a heavily logged fir-pine forest at generally low elevations (3,500-4,500 feet). Very little work has been undertaken in this area which is alternately overburden-covered or underlain by fresh quartz monzonite to granodiorite intrusives. The 2007 discovery of the Southeast Zone of the Woodjam South property (Gold Fields Canada Exploration and Consolidated Woodjam Copper Corp.) provides the impetus for the project. The Southeast Zone, located on the northern edge of the Takomkame Batholith 25 kilometres to the northwest, was a blind discovery made by drilling an induced polarization anomaly. This zone measuring �1,000 metres by 800 metres is a calc-alkaline copper-molybdenum-gold porphyry deposit.
Rock sampling and prospecting at Hidden One have been initiated, and �30 line-kilometres of induced polarization surveying will follow later in the summer.
Eastfield, with 44,894,919 shares issued, is financially sound with approximately $2.7 million in working capital (approximately $0.06 per share).
J.W. Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. Morton, P. Geo.
President and CEO
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has projects in British Columbia and in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY). Projects with a 100% ownership include the Tonopah gold project in Nevada, the Iron Lake copper-PGM-gold project in BC, the Hidden One copper-gold molybdenum project in BC and the Naggie copper-silver-gold project in BC. Projects currently optioned out include the Zymo copper-gold project, optioned to Bearing Resources Ltd. (TSX-V: BRZ) and the Indata gold-nickel project, optioned to Oceanside Capital Corp. (TSX-V: OCC). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=542230 |